The road to homeownership doesn't have to be scary. You just need the right professionals by your side to help you along the way.
If you've never owned a home and you're thinking now might be a good time for you to buy, the first thing many people will do is go online and find a mortgage calculator to determine how much "home" they can afford. While that may be a good starting point, there are many things to consider. For example, property taxes can vary greatly from state to state, and even town to town. If you live in New Jersey like me, property taxes will play a large part when it comes time to consider where you will buy, and how much you can afford. Another major factor in understanding how much you can afford is the mortgage interest rate. Just a half of a percent (0.5%) can increase your monthly payment significantly! In recent years, the mortgage rates have been at historic lows, but that road has taken a turn and rates are on the rise. Mortgage rates are still currently quite low at around 4.2%, but that number is projected to climb and can be close to 5% by the end the year.